HSBC top shareholder renews call for breaking up of bank

On Tuesday, HSBC’s top shareholder, HSBA.L, called for the Asia-focused bank’s breakup, saying the institution has failed to address major business model difficulties, which has hurt its operating performance.

Ping An Asset Management Company (Ping An AMC) stated HSBC “drained” its Asia subsidiary of dividends and growth money to sustain its low-return non-Asia activities.

Ping An AMC said it has suggested listing the HSBC Asia division in Hong Kong and consolidating Asia companies to HSBC management during the past two years.